Global Smaller Companies Trust restates share buyback authority

The Global Smaller Companies Trust PLC has restated its share buyback authority, extending the program until December 15, 2027—or the conclusion of the next annual general meeting (AGM), whichever comes first. The move follows the company’s recent AGM and aligns with expectations that the board will annually renew the authority in similar fashion. The trust may fund repurchases from its cash reserves or through short-term borrowings, with no fixed budget specified but capped at up to 61.4 million ordinary shares. Purchases will adhere to a 105% price cap relative to the average middle-market quotations over the five preceding business days, or the higher of the last independent trade price and the highest current bid on the London Stock Exchange at the time of execution. Repurchased shares will either be held in treasury or cancelled. The authority remains subject to compliance with the company’s discount control policy, UK Listing Rules Chapter 9, and the general share repurchase framework.